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Wed Dec 18, 2013, 05:52 PM

Ex-SAC Trader Is Convicted of Insider Trading

Source: NY Times

Michael S. Steinberg, the highest-ranking employee at SAC Capital Advisors to become ensnared in a sweeping insider trading investigation, was found guilty on Wednesday of trading on secrets gleaned from some of the nation’s largest technology companies.

The conviction deals the latest blow to SAC, the giant hedge run by the billionaire stock picker Steven A. Cohen. Coming on the heels of a record $1.2 billion deal SAC struck with prosecutors along with pleading guilty to insider trading charges – concluding a rare criminal case against a large corporation – Mr. Steinberg’s conviction further clouds the future of a hedge fund that was once the envy of Wall Street.

The conviction, which coincides with SAC’s effort to overhaul its image and change its name, might also embolden federal authorities at a turning point in the decade-long investigation. While an acquittal might have had a chilling effect on the investigation, Mr. Steinberg’s conviction instead raised the likelihood that Mr. Cohen, after avoiding criminal charges for years, would face another round of scrutiny.

Read more: http://dealbook.nytimes.com/2013/12/18/ex-sac-trader-is-convicted-of-insider-trading/?hp

6 replies, 959 views

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Reply Ex-SAC Trader Is Convicted of Insider Trading (Original post)
iandhr Dec 2013 OP
DJ13 Dec 2013 #1
iandhr Dec 2013 #2
louis-t Dec 2013 #3
Uben Dec 2013 #4
iandhr Dec 2013 #5
Uben Dec 2013 #6

Response to iandhr (Original post)

Wed Dec 18, 2013, 05:56 PM

1. "Caught one!"

and they say we dont go after banksters!


?w=500&h=357

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Response to DJ13 (Reply #1)

Wed Dec 18, 2013, 06:10 PM

2. Hedge funders aren't bankers.

People who invest with them their money isn't insured by the FDIC

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Response to iandhr (Original post)

Wed Dec 18, 2013, 06:22 PM

3. Anyone think he'll spend a day in prison?

Doubt it.

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Response to louis-t (Reply #3)

Wed Dec 18, 2013, 06:46 PM

4. Sorry bastard

I wish they'd give him the death penalty. Something has to be done to reel in the fraud in the market and I don't think anything short of death sentence will do it.

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Response to Uben (Reply #4)

Thu Dec 19, 2013, 01:18 AM

5. George Carlin on the subject

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Response to iandhr (Reply #5)

Fri Dec 20, 2013, 08:38 AM

6. My hero!

George had it right.

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